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Intercontinental Exchange's (ICE) May Volume Declines Y/Y

Zacks Equity Research

Intercontinental Exchange, Inc. ICE reported soft average daily volume (ADV) for the month of May as the same decreased 18.7% to 5.3 million attributable to lower Financial as well as Commodities ADV. There were 22 trading days in May. Nonetheless, shares gained 0.5% in the last couple of trading sessions.

Though Agriculture ADV of 0.4 million contracts increased 4.9%, a 2.2% drop in Energy volume to 2.8 million contracts per day induced Commodities ADV decline of 1.4% to 3.2 million in May.

Interest Rate volume dropped 39% to 1.8 million contracts per day whereas Equity Index volume dropped 3.5% to 0.3 million contracts. Foreign exchange volume plunged 39% to nearly 0.02 million contracts.

Revenue per contract on a three-month rolling basis was 12 cents for the month, down 7.7% year over year.

Shares of Intercontinental Exchange have slightly underperformed the industry year to date. The stock has rallied 13.3% compared with the industry’s increase of 13.7%. Nonetheless, the company’s product portfolio along with a broad range of risk management services, strategic buyouts, solid energy franchise, increasing recurring market data revenues and a robust capital position will likely help the stock retain its momentum.


This Zacks Rank #3 (Hold) second-largest fixed income provider globally boasts 5,000 indices, representing more than $1 trillion in benchmark assets under management, 12 exchanges, six clearing houses and nine asset classes.

Recently, securities exchanges, namely Nasdaq Group Inc. NDAQ, MarketAxess Holdings Ltd. MKTX and CME Group Inc. CME also posted their respective monthly volumes.

Nasdaq’s U.S. equity options volume increased 10% year over year to 154 million contracts, European options and futures volume increased 14.5% year over year to 8.7 million contracts. MarketAxess reported trading volume of $174 billion for May. Total volume included $89.3 billion in U.S. high-grade volume, $80.6 billion in other credit volume and $4.1 billion in liquid products volume. CME Group reported average daily volumes increase of 19% year over year to 23.9 million contracts per day on higher volumes across four product lines.

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Intercontinental Exchange Inc. (ICE) : Free Stock Analysis Report
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